XCF Global Provides First Quarter 2026 Corporate and Operational Update Establishes 2027 Targets of $110-$120M Net Revenue and 40-43M Gallons of Renewable Fuel Production at New Rise Reno
Rhea-AI Summary
XCF Global (Nasdaq:SAFX) provided a Q1 2026 corporate and operational update, reporting >2.5 million gallons produced at New Rise Reno and filing its first Form 10-K. Key actions include leadership hires, a binding offtake term sheet with BGN, a business combination agreement with Southern Energy Renewables and DevvStream, and commercial collaborations with Axens.
XCF is targeting 2027: gross product sales $775–825M, net revenue $110–120M, EBITDA $65–70M, and renewable fuel production 40–43M gallons. Restart at New Rise Reno is targeted for June 2026.
AI-generated analysis. Not financial advice.
Positive
- 2027 net revenue target $110–120M
- 2027 renewable fuel production target 40–43M gallons
- Signed binding offtake term sheet with BGN
- Definitive business-combination agreement executed
- Filed first Annual Report on Form 10-K
Negative
- New Rise Reno requires upgrade work before sustained operations
- Return-to-service targeted for June 2026, timing still conditional
- 2027 financial targets conditioned on successful restart and ramp-up
News Market Reaction – SAFX
On the day this news was published, SAFX gained 17.41%, reflecting a significant positive market reaction. Argus tracked a peak move of +21.0% during that session. Argus tracked a trough of -14.1% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $28M to the company's valuation, bringing the market cap to $187.77M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SAFX was up 25.11% while momentum peer VGAS showed a -12.77% move with no same-day news, suggesting the reaction was stock-specific rather than a broad renewable utilities move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 01 | Forbearance and upgrade | Positive | +25.1% | Forbearance agreement and progress on Reno upgrade toward June 2026 restart. |
| Apr 30 | Certification update | Positive | +8.3% | Maintained CORSIA-ready certification ahead of planned June 2026 production restart. |
| Apr 29 | RIN economics detail | Positive | -1.0% | Highlighted record RIN volumes and estimated incremental value for SAF economics. |
| Apr 28 | Australia SAF strategy | Positive | +3.1% | Stressed modular SAF opportunity in Australia amid sharply higher jet fuel prices. |
| Apr 27 | Feedstock model focus | Positive | +6.4% | Contrasted crude volatility with U.S. waste-based feedstock model for SAF supply. |
Recent XCF headlines have generally led to positive price reactions, with only one modest divergence despite largely constructive operational and policy-related updates.
Over the last week, XCF has issued multiple updates around New Rise Reno, regulatory frameworks, and strategic positioning. News on ground-lease forbearance, CORSIA-ready certification, and RIN economics framed operational progress and supportive policy conditions, with price moves of 25.11%, 8.26%, and -1.04%. Additional releases on Australian modular SAF expansion and feedstock stability saw gains of 3.12% and 6.41%. Today’s broader 2027 financial and production targets build directly on this operational and strategic backdrop.
Market Pulse Summary
The stock surged +17.4% in the session following this news. A strong positive reaction aligns with the company’s pattern of favorable responses to operational and strategic updates, where four of the last five news events saw gains, including moves of 25.11% and 8.26%. The newly disclosed 2027 targets for $110–$120M in net revenue and 40–43M gallons of renewable fuel, along with the business combination plans and plant conversion funding, created a concrete medium-term roadmap that investors had not previously seen detailed in one release.
Key Terms
sustainable aviation fuel medical
ebitda financial
offtake agreement financial
tolling framework financial
form 10‑k regulatory
10q regulatory
synthetic blend component technical
business combination agreement financial
AI-generated analysis. Not financial advice.
Operational and corporate updates highlight leadership actions, a signed definitive business combination agreement (subject to closing conditions), and continued progress toward sustained SAF production. XCF also emphasizes the role of domestic jet fuel alternatives in supporting energy resilience and national security, and its modular, repeatable build-out and licensing model designed to deploy SAF production facilities globally.
Key Developments This Period
Strengthened leadership with renewable fuels executive Chris Cooper, former President of one of the world's largest producers of renewable fuels, where he led the launch of its SAF commercial efforts in the Americas; appointed Harvey Schnitzer as Interim Chief Financial Officer, a CPA and veteran Chief Financial Officer/Chief Operational Officer with more than three decades of experience leading growth, integrations, and turnarounds.
Initiated the planned upgrade program to support efficient, repeatable, sustained operations at New Rise Reno, leveraging technical input from Axens and on-site engineering oversight team from an experienced third -party consulting firm to strengthen operational readiness, procedures, and start-up execution, targeting June 2026 for operational restart at New Rise Reno.
Signed a binding offtake agreement with BGN INTL for SAF production, leveraging XCF's production platform and BGN's global distribution network.
Advanced strategic initiatives, including licensing arrangements and strategic partnership agreements to support international expansion in Australia and New Zealand, with partners including Continual Renewables Ventures and Axens for production technology.
Signed business combination agreement with Southern Energy Renewable and Devvstream creating a diversified commercial platform spanning current and next generation technologies for renewable fuel production as well as environmental asset monetization across aviation, petrochemical, marine and other sectors.
Filed XCF's first Annual Report on Form 10‑K, providing comprehensive annual disclosures and marking an important milestone in XCF's public-company reporting, targeting filing 1Q26 10Q by mid-May 2026.
XCF is targeting the following financial and operational results for the full year ending December 31, 2027: gross product sales[1] of
$775 - 825 million, net revenue of$110 -120 million, EBITDA1 of$65 - 70 million, and renewable fuel production of approximately 40 - 43 million gallons.[2]
HOUSTON, TX / ACCESS Newswire / May 4, 2026 / XCF Global, Inc. ("XCF" or the "Company") (Nasdaq:SAFX), an emerging player in the decarbonizing of the aviation industry through Sustainable Aviation Fuel ("SAF"), today provided the following corporate and operational update, including progress toward sustained operations at its flagship facility, New Rise Renewables Reno ("New Rise Reno"), and developments across leadership, strategic initiatives, and public-company reporting. XCF believes its U.S.-based production strategy supports aviation decarbonization while also advancing domestic fuel supply resilience.
Leadership Update
XCF strengthened the Company's leadership under renewable fuels executive Chris Cooper, former President of Neste who previously led Neste (North America), one of the world's largest producers of renewable fuels. In that role, he launched and scaled SAF commercialization efforts in the Americas. Mr. Cooper also served as Head of Renewables Trading at BGN. Earlier in his career, he held senior leadership roles at Phillips 66 and Chevron. In April 2026, XCF appointed Harvey Schnitzer as Interim Chief Financial Officer. Mr. Schnitzer is a seasoned financial and operational executive with more than three decades of experience as a Chief Financial Officer, Chief Operational Officer, and board member, including leading companies through growth, integration, restructuring, and strategic transformation. He is a Certified Public Accountant.
Strategic Initiatives and Transactions
BGN Agreement - XCF Global has entered a binding term sheet with BGN INT US LLC to pursue a renewable fuel tolling framework initially expected to apply to XCF's New Rise Renewables Reno facility, with potential expansion to future facilities. The parties intend to evaluate collaboration on production, marketing, logistics, and offtake of sustainable aviation fuel (SAF), renewable diesel, and renewable naphtha, leveraging XCF's production platform and BGN's global trading and distribution network. The proposed framework also contemplates broader regional expansion, including Europe and the Middle East, subject to customary due diligence and definitive agreements.
Australia Licensing - XCF continues to progress work to develop New Rise Australia with Continual Renewables Ventures under the modular SAF licensing framework, including completing initial front-end engineering scoping, confirming a reference plant design based on the New Rise Reno facility, and advancing early planning for a proposed first project in Perth. The parties are progressing development pathways for additional facilities to support a broader national rollout of SAF and renewable fuels capacity in Australia.
Axens - Separately, XCF executed a commercial collaboration agreement with Axens North America for Vegan® technology under a licensing-oriented framework and a term sheet with BGN for renewable fuel tolling at New Rise Reno and future facilities.
Business Combination Agreement with Southern Energy Renewables & DevvStream - In April 2026, XCF, Southern Energy Renewables, and DevvStream signed a definitive business combination agreement (subject to customary closing conditions). The combination of the three companies is expected to create a diversified commercial platform spanning current and next generation technologies for renewable fuel production as well as environmental asset monetization across aviation, petrochemical, marine and other sectors. XCF and DevvStream also highlighted an approach to bring transferable 45Z Clean Fuel Production Credits to market (subject to qualification, verification, and regulatory finalization), and XCF announced receipt of
Progress Toward Full Operations at New Rise Reno
New Rise Reno was commissioned in February 2025 and has produced SAF, renewable diesel, and renewable naphtha. Since the start of commercial operations, the facility has produced more than 2.5 million gallons of renewable fuels, and deliveries began in March 2025. New Rise Reno is in the final stages of its planned upgrade, intended to strengthen long-term operability and repeatability. Current workstreams are focused on improving operating stability and equipment readiness, reinforcing quality systems required for certified fuel, and strengthening start-up and operating procedures.
To strengthen execution through the conversion and start-up preparation process, XCF has engaged an on-site engineering and operational readiness team from Alvarez & Marsal to provide added oversight. This team is supporting procedure reviews and field verification, start-up sequencing and checklists, and controls-focused reviews intended to support staged ramp-up to sustained operations. XCF is targeting a return to operations in June, subject to completion of upgrade activities and standard start-up procedures. XCF expects a staged start-up that includes final mechanical completion checks, pre-startup reviews, systems validation, and a controlled ramp-up, with continued emphasis on safety, product quality, and operating discipline.
XCF Outlook
With this return to operations, XCF is targeting the following financial and operational results for the full year ending December 31, 2027: gross product sales[3] of
New Rise Reno also has a permitted nameplate production capacity of 38 million gallons per year of synthetic blend component ("SBC"), which can be blended with conventional Jet A to produce blended SAF. Based on typical industry blend ratios (often 70/30 or 80/20), XCF believes this SBC capacity could support production of more than 100 million gallons per year of blended SAF, depending on blending ratios, customer specifications, and applicable market and regulatory requirements.
About XCF Global, Inc.
XCF Global, Inc. ("XCF") is an emerging sustainable aviation fuel company dedicated to accelerating the aviation industry's transition to net-zero emissions. Our flagship facility, New Rise Renewables Reno, has a permitted nameplate production capacity of 38 million gallons per year, positioning XCF as an early mover among large-scale SAF producers in North America. XCF is working to advance a pipeline of potential expansion opportunities in Nevada, North Carolina, and Florida, and to build partnerships across the energy and transportation sectors to scale SAF globally. XCF is listed on the Nasdaq Capital Market and trades under the ticker, SAFX.
To learn more, visit www.xcf.global
Contacts
XCF Global: Corporate Comms
Non-GAAP Measures Definitions & Reconciliations
This earnings release contains non-GAAP (accounting principles generally accepted in the United States of America) financial measures as defined by SEC Regulation G and indicated by a footnote in the text of this release. Definitions for the non-GAAP measures are provided below. Management believes these non-GAAP measures are a useful supplemental measure of operating performance because they eliminate the effects of financing and capital structure, tax jurisdictions, and non-cash depreciation and amortization expenses. However, these non-GAAP measures are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to revenue or net income (loss) or any other measure of performance derived in accordance with U.S. GAAP.
Because not all companies use identical definitions or calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward-looking GAAP and non-GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.
Gross product sales is a management estimate of the dollar value of the finished renewable fuel product sales in the end-customer markets. XCF believes that this is an important and relevant metric regarding the sales value of the company's products when comparing XCF to other companies. Management defines this as the number of gallons of renewable fuel sold by the Company during a period multiplied by the average observed or derived price in the end-customer market for each product during a period, including government incentives, feedstock, processing and logistics.
EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization.
Additional Information and Where to Find It
In connection with the proposed transaction, among the Company, DevvStream, and Southern, the Company will prepare and file relevant materials with the Securities and Exchange Commission (the "SEC"), including a registration statement on Form S-4 that will contain preliminary proxy statements of the Company and Devvstream that also constitutes a prospectus (the "Proxy Statements/Prospectus"). A proxy statement is expected to be mailed to stockholders of the Company and Devvstream as of the record date to be established for voting on the proposed business combination transaction and other matters as described in the Proxy Statements/Prospectus. The Company, DevvStream, and Southern may also file other documents with the SEC and Canadian securities regulatory authorities regarding the proposed transaction. This communication is not a substitute for any proxy statement, registration statement or prospectus, or any other document that the Company, DevvStream, and Southern (as applicable) may file with the SEC or Canadian securities regulatory authorities in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY OR DEVVSTREAM ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENTS/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED BY THE COMPANY WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. The Company's investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when they become available), as well as other filings containing important information about the Company, DevvStream, Southern, and other parties to the proposed transaction, without charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by (i) the Company will be available free of charge under the tab "Financials" on the "Investor Relations" page of the Company's website page of the Company's website at https://xcf.global/investor-relations/financials/sec-filings/ or by contacting the Company's Investor Relations Department at media@xcf.global and (ii) DevvStream will be available free of charge under the tab "Financials" on the "Investor Relations" page of DevvStream's website at www.devvstream.com/investors/or by contacting DevvStream's Investor Relations Department at ir@devvstream.com.
Participants in the Solicitation
The Company, DevvStream, Southern, EEME and their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the proposed transaction. Information regarding the directors and executive officers of (i) the Company is contained in the Company's Current Report on Form 8-K/A, filed with the SEC on October 31, 2025, its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026, and in other documents subsequently filed with the SEC and (ii) Devvstream is contained in DevvStream's proxy statement for its 2025 annual meeting of stockholders, filed with the SEC on November 18, 2025. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials filed with the SEC (when they become available). These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This communication contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that involve substantial risks and uncertainties, including statements regarding the proposed transactions contemplated by the business combination agreement, the anticipated structure, timing and conditions of the proposed transaction, the anticipated completion of the plant conversion, the achievement of specified financial and operational milestones (including annualized blended fuel product revenues in excess of
Forward-looking statements are based on current expectations, estimates, assumptions and projections and involve known and unknown risks and uncertainties that may cause actual results, developments or outcomes to differ materially from those expressed or implied by such statements. Important factors that could cause actual results, developments or outcomes to differ materially include, among others: (1) changes in domestic and foreign business, market, financial, political, regulatory and legal conditions; (2) the risk that the plant conversion is delayed, not completed on the anticipated timeline, or requires additional capital beyond current expectations; (3) the risk that the Company is unable to achieve the specified annualized revenue and EBITDA thresholds, which depend in significant part on the Company's business performance, operating results, market demand, execution capabilities, and other factors; (4) the risk that Southern does not receive authorization to issue up to
Although the business combination agreement is binding on the parties, it does not obligate the parties to consummate the proposed transaction. The consummation of the proposed transaction remains subject to the satisfaction or waiver of applicable closing conditions, and the business combination agreement may be terminated in accordance with its terms. There can be no assurance that the proposed transaction will be consummated on the terms described herein or at all. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not guarantees of future performance or outcomes.
Any forward-looking statements speak only as of the date of this communication. Neither the Company, DevvStream, Southern or EEME undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Neither future distribution of this communication nor the continued availability of this communication K in archive form on DevvStream's website at www.devvstream.com/investors/ or the Company's website at www.xcf.global/investor-relations should be deemed to constitute an update or re-affirmation of these statements as of any future date.
[1] Non-GAAP financial measure. See "Non-GAAP Measures Definitions & Reconciliations" below for additional information.
[2] These targets are not projections and are forward-looking statements and are subject to the risks, uncertainties, and assumptions described under "Forward-Looking Statements" below.
[3] Non-GAAP financial measure. See "Non-GAAP Measures Definitions & Reconciliations" below for additional information.
[4] These targets are not projections and are forward-looking statements and are subject to the risks, uncertainties, and assumptions described under "Forward-Looking Statements" below.
SOURCE: XCF Global, Inc.
View the original press release on ACCESS Newswire